Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Recovery certificate issuance was held to trigger a fresh three-year limitation which, together with judicial exclusion of the period of court-mandated suspension, left residual limitation available. Audited financial statements recording counter guarantee and contingent liability and settlement correspondence were treated as acknowledgments under the Limitation Act, each renewing limitation and rendering the Section 7 insolvency petition timely. Withdrawal of the appellate challenge was permitted after settlement, but closure of the CIRP cannot be effected by appellate withdrawal alone; the financial creditor must pursue the statutory termination route through the insolvency process and the IRP, permitting intervention by other stakeholders.
Recovery certificate issuance was held to trigger a fresh three-year limitation which, together with judicial exclusion of the period of court-mandated suspension, left residual limitation available. Audited financial statements recording counter guarantee and contingent liability and settlement correspondence were treated as acknowledgments under the Limitation Act, each renewing limitation and rendering the Section 7 insolvency petition timely. Withdrawal of the appellate challenge was permitted after settlement, but closure of the CIRP cannot be effected by appellate withdrawal alone; the financial creditor must pursue the statutory termination route through the insolvency process and the IRP, permitting intervention by other stakeholders.
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